Indian benchmarks cracked in-line with global peers, falling 1.3 per cent on Friday, as a multi-decade high inflation in the US jolted investor confidence who feared bulkier rate hikes by the world’s biggest economy.
The S&P BSE Sensex plunged 773 points to end at 58,153 and the Nifty50 closed slumped 231 points to close at 17,375. With this, the indices halted their three-day winning streak, slipping 0.8 per cent for the week.
In the broader markets, the BSE MidCap and SmallCap indices shed about 2 per cent each, clocking weekly losses of up to 3.4 per cent.
US inflation came in at an annual 7.5 per cent in January, fresh data revealed on Thursday showed. This was far ahead of expectations and marked the highest year-on-year rise in consumer prices since 1982.
Risk sentiment further dampened when St. Louis Fed President James Bullard, a member of the Fed’s rate-setting committee, said he’s now hoping for a full percentage point of interest rate rises in the first half of the year.
Given this, all the sectoral indices settled in the negative territory today with technology and public sector banks being the worst hit. The IT and PSB indices dropped nearly 3 per cent and 2 per cent, respectively, while Bank, Financial Services, and Realty indices slipped upwards of 1 per cent on the NSE.
Among individual stocks, only 3 counters on the Sensex and 5 on the Nifty managed to eke out gains. These included Indian Oil Corporation, IndusInd Bank, Tata Steel, BPCL, and NTPC.
Meanwhile, the laggards were Grasim Industries, Tech M, Infosys, HCL Tech, HDFC, Wipro, UPL, Powergrid, Ultratech Cement, Nestle India, Kotak Bank, Titan Company, TCS, SBI, HDFc Life, Tata Motors, Bajaj twins, and ICICI Bank. All these stocks fell between 1.5 and 3.2 per cent.
In the broader market, the shares of food delivery company Zomato dropped 9 per cent to Rs 85.85 on the BSE in Friday’s intra-day trade after the company reported sequentially flat revenue growth at Rs 1,112 crore for October-December quarter (Q3FY22). On year-on-year (YoY) basis, the revenue growth was 78 per cent.
Nuvoco Vistas Corporation, too, sunk 7 per cent and hit a record low of Rs 398 after the company reported consolidated loss of Rs 86 crore in December quarter (Q3FY22) due to lower revenue.
Shares of PB Fintech, which operates online insurance broker Policybazaar and loan marketplace Paisabazaar, dipped 11 per cent to Rs 774.5 on the National Stock Exchange (NSE) after around 7.5 million equity shares, representing 1.67 per cent of total equity, of PB Fintech changed hands on the NSE
That apart, shares of Solara Active Pharma Sciences, GE Power and Stove Kraft have tanked up to 35 per cent during this week after the companies reported a weak set of numbers for the quarter ended December 2021 (Q3FY22). In comparison, the S&P BSE Sensex was down 0.86 per cent in this time period.
=================================================================== Markets at 02:30 PM
LIVE market updates: The key benchmark indices continue to remain on slippery ground with IT shares as the major laggards.
The BSE Sensex was down 770 points at 58,156, and the NSE Nifty shed 234 points at 17,372.
IT majors, Tech Mahindra, Infosys and HCL Technologies were the major losers among the Sensex 30 shares, down 2.3-2.8 per cent each. Wipro declined 2 per cent, while TCS shed 1.8 per cent. Infosys alone accounted for more than one-fifth of the day’s loss on the Sensex.
UltraTech Cement, Nestle India, Titan, HDFC, Kotak Bank, PowerGrid Corporation and Bajaj Finance were the other prominent losers.
On the positive side, Tata Steel and IndusInd Bank were up nearly a per cent each. NTPC and ITC were the only other gainers among the Sensex 30.
Also read: Solara, GE Power, Stove Kraft tank up to 35% in one week on weak Q3 results
Among sectoral indices, the BSE IT index tanked 2.5 per cent. The Consumer Durables index was also down over 2 per cent. The Bankex, Telecom, Capital Goods and Realty indices were the other heavy losers.
A total of 120 stocks registered a fresh 52-week high in trades so far on the BSE, including the likes Adani Wilmar, Butterfly Gandhimathi, DB Realty, GNFC, Hindustan Construction, Hindalco, HT MEdia, Mahindra Lifespace Developers and and Zee Media. Whereas, 23 stocks registered a new 52-week low including Bajaj Consumer Care, CarTrade, MRF, Neuland Labs, Orchid Pharma, Solara Active Pharma, Vijaya Diagnostic and Zydus Wellness.
Similarly, 208 stocks were locked at their respectively upper limits, while 334 stocks hit the maximum lower limit for the day.
Elsewhere in Europe, the FTSE 100 and DAX 30 were down 0.5 per cent in opening deals, while CAC 40 slipped 0.7 per cent. Meanwhile, the US futures indicated a negative start to trade later tonight. The Dow Jones futures were down 0.3 per cent, and Nasdaq futures shed 0.5 per cent.
_________________________________________________________________________________________________ Markets at Lunch (01:30 PM)
LIVE market updates: The key benchmark indices have recouped some of their losses in mid noon deals on the back of buying in select stocks, including Tata Steel. Key index heavyweights like Reliance and FMCG majors – ITC and Hindustan Unilever too have bounced back smartly from the lows of the day. IT shares however sag.
The BSE Sensex which dropped to a low of 57,914, was down 609 points at 58,317. The NSE Nifty declined 183 points to 17,423.
Meanwhile, in the backdrop of record high inflation, a Bloomberg report indicated that US Fed was still not favour of a 50 bps rate hike in March, neither would want to go for an emergency rate hike in February itself.
Also read: Zomato Q3 results: Target price cut post muted Q3; long-term outlook intact
The broader indices were down in tandem with the benchmark BSE Sensex. The BSE Midcap and Smallcap indices slipped 1.3 per cent and 1.1 per cent, respectively.
The overall breadth too was fairly bearish, with more than two declining stocks for every advancing share on the BSE.
In the broader markets, Nuvoco Vistas Corporation hit a record low of Rs 398, down 7 per cent after the company reported consolidated loss of Rs 86 crore in December quarter (Q3FY22) due to lower revenue. READ MORE
Among others, Solara Active Pharma Sciences tumbled nearly 19 per cent. Responsive Industries, Neuland Labs, GE Power, Birla Corporation, Naukri, Vindhya Telelinks, Welspun Corp, Rana Sugars, Trigyn Technologies, PolicyBazaar, GR Infraprojects, KCP, Keynote Financial Services, Kirti Industries, Zomato and Goldiam International were the other significant losers, down over 5 per cent each.
On the positive front, NDTV soared 19 per cent and Schneider Electrci Infrastructure zoomed nearly 18 per cent. IVP, Yash Chemex, Speciality Restaurants, Weizmann, Birla Cable, HT Media, Greenlam Industries, Hindustan Construction and Shankara Building Products were the other major gainers, up over 6 per cent each.
______________________________________________________________________________________________ Markets at 12 noon LIVE market updates: The frontline indices were lower by 1.45 per cent each as selling pressure stood firm in noon deals. Though the indices had reversed mildly from day’s lows. The BSE Sensex was at 58,047 , lower by 880 points, while the NSE Nifty was 264 points down at 17,341. Top four laggards on the Sensex were Infosys, ICICI Bank, HDFC and TCS, which contributed over 45 per cent to the index’s losses. Sectorally, Banks, Financials, Auto, Metals, Realty were leading losers after the IT index on Nifty with highest losses of 2.6 per cent. In the broader markets, the BSE MidCap and SmallCap indices were trading 1.3 per cent lower each. The top MidCap losers included InfoEdge and 3M India, down 5 per cent each. They were followed by Balkrishna Ind, MindTree, AU Small Finance Bank, Voltas, SJVN, General Insurance Corp, MPhasis, Jubilant Food, SRF, Ashok Leyland, Vodafone Idea and TVS Motors, down 2.5-4 per cent.
Among stocks, shares of Speciality Restaurants hit an over three-year high of Rs 147.65, on rallying 16 per cent on the BSE on the back of heavy volumes after the company reported a consolidated PAT of Rs 11.20 crore in the December quarter (Q3FY22). The company had posted a loss of Rs 3.69 crore in a year ago quarter (Q3FY21) and profit of Rs 2.60 crore in previous quarter (Q2FY22). READ MORE.
The mid-and small-cap indices on the BSE – down over 1 per cent each – have underperformed the Sensex so far in calendar year 2022 (CY22) that has gained an equal proportion during this period (till close of trade on February 10). Analysts attribute this to a host of factors including the overall nervousness in the market given the multiple headwinds and selling by retail investors who generally prefer to invest in these segments, however they still remain bullish on these two market segments. READ HERE TO KNOW WHY This apart, analysts have cut target price on Zomato shares after the food delivery company posted a muted December quarter (Q3FY22). At best, they expect the shares to deliver about 64 per cent returns in a year, hitting Rs 155-mark during the period. Earlier, the highest target price on Zomato was Rs 185. READ IN DETAIL HERE.
____________________________________________________________________________________________ Markets at 11 AM LIVE market updates: The benchmark indices continued to reel under selling pressure and extended losses in morning deals, snapping their three-day winning streak.
The BSE Sensex was 988 points lower at 57,937. The NSE Nifty50 was at 17,311, down by 294 points. “The sharp cut in the market seen on Friday is due to a sharp jump in US bond yields due to 4 decade-high inflation. However, most of this fear is already factored in. That said, we need to wait and watch how the market will negotiate a high-interest environment. Technically, the Nifty faces resistance in a cluster of 20-DMA and 100-DMA at 17,600-17,650 levels, while 17,300 is an immediate and important support level and 17,000-16,800 is a critical demand zone. We remain bullish on the road ahead till the Nifty trades above the 16,800. A breakout above 17,800 may see it head towards a fresh all-time high,” said Santosh Meena, Head of Research, Swastika Investmart. Among individual stocks, Infosys, Grasim (down 3 per cent each) were the top losers, followed by Tech M, Britannia, Nestle, Wipro, L&T, Titan, Tata Consumer, HDFC, Bajaj Finance and PowerGrid, trading 1.7-2.8 per cent lower. Indian Oil, BPCL, and IndusInd Bank were the sole gainers on the Sensex and Nifty pack. ALSO READ: Bulls favour Adani Group despite mkt weakness; stocks can rally up to 17% In the broader markets, the Nifty 100 and Nifty midcap 50 were leading losses on the NSE, down up to 1.65 per cent. All other broader indices were mostly lower by over a per cent each. On the BSE, the SmallCap and MidCap indices were down 1.45 per cent and 1.24 per cent, respectively. Sector-wise, the BSE Realty and Consumer Durables indices were trading 2 per cent lower. IT index was the top loser, down 2.5 per cent. The Bankex, Auto, Telecom, Healthcare and FMCG indices were all lower by over a per cent each. The IPO index was also down 2.6 per cent, led by losses in Zomato PolicyBazaar, Nuvovo Vistas, GR infra, Nykaa, Clean Science, Go Fashion and Rolex Rings, all trading 2.8-9 per cent lower. Among stocks, shares of PB Fintech, which operates online insurance broker Policybazaar and loan marketplace Paisabazaar, dipped 11 per cent to Rs 775 on the National Stock Exchange (NSE) on the back of heavy volumes. The stock has fallen 16 per cent in the past two trading days. READ MORE. ____________________________________________________________________________________________ Markets at 10 AM LIVE market updates: The benchmark indices were significantly lower in early morning trade, extending opening losses amid broad-based selling. The BSE Sensex was down 865 points at 58,060, while the NSE Nifty50 was lower by 249 points at 17, 354. The two indices were now down 1.4 per cent each. On the Sensex, M&M and Tata Steel were the sole gainers, higher up to 0.6 per cent. Infosys and Tech M, meanwhile, were the biggest losers trading 2.8 per cent lower each. Other top laggards were HDFC twins, ICICI Bank and TCS. On the Nifty, Hindalco, Indian Oil Corp, BPCL and IndusInd Bank were the additonal gainer. 44 of the 50 stocks on the index were in the red zone. Among sectors, apart from Nifty IT- trading 2.7 per cent lower, the Nifty PSU Banks, Realty, Consume Durables and Healthcare indices were the other top loser, down 1-2 per cent. The losses were spread across the broader markets as well. The BSE MidCap and SmallCap indices were down over a per cent each. The volatility index was up 8.35 per cent around 19 levels on the NSE. This apart, the stock of Zomato extended its losses and dropped 9 per cent lower to Rs 85.85 on the BSE on disappointing Q3 numbers. The stock was quoting close to its record low price of Rs 84.10 touched on January 25, 2021.READ MORE _______________________________________________________________________________ Opening Bell
LIVE market updates: In line with soured global sentiment on high US inflation data and rate hike fears, the benchmark indices started trade on a highly negative note a day after RBI’s dovish policy had calmed the markets. The BSE Sensex was down 657 points at 58,268, while the NSE Nifty was at 17,410, lower by 195 points.
Among the Sensex-30 shares, only NTPC was in the green, while IT majors Infosys, Wipro, HCL Tech and Tech M were the top losers, lower by over 2 per cent each. Other losers included Bajaj Twins, HDFC, Dr Reddy’s, Kotak Bank, Titan, TCS and ICICI Bank. On the Nifty, HeroMoto Corp, Cipla and Eicher Motors were the additional top losers, down up to 1.6 per cent.
In the broader markets, the BSE MidCap and SmallCap indices were also in the red territory, down 0.77 and 0.9 per cent, respectively. Sectorally, the Nifty IT index was the weakest, trading 2.4 per cent lower. Nifty Bank and Financial Services were the next top losers along with Pharma, Realty and Consumer Durables. No index was in the green zone. Among stocks, Zomato was trading 5.7 per cent lower on the BSE despite the food-giant narrowing its net loss by 81 per cent on-year to Rs 66 crore in the December quarter (Q3) aided by a one-time gain. On the flip side, QuessCorp was trading 7 per cent up on the exchange. The company has appointed Guruprasad Srinivasan as Group CEO. It has also increased its equity stake in Heptagon Technologies from 49 per cent to 60.67 per cent through subscription of 6,342 equity share for Rs 15,768 per share.
_______________________________________________________________________________________ Pre-open session LIVE market updates: The key frontline indices were weak in pre-open trades on Friday amid global downbeat sentiment. The BSE Sensex was down 390 points at 58,535 level, while the NSE Nifty was at 17,475, lower by 130 points. _____________________________________________________________________________________ LIVE market updates: The key benchmark indices are likely to start trade lower on Friday as US inflation data triggered fresh worries globally around interest rate hikes by the US Fed. At 8 am, the SGX Nifty Futures were at 17,413, down 200 points from Nifty’s spot close the previous day.
US inflation data on Thursday showed consumer prices surged 7.5 per cent last month on a year-over-year basis, topping economists’ estimates of 7.3 per cent and marking the biggest annual increase in inflation in 40 years.
Along with this, hawkish comments from a Federal Reserve official further soured sentiment. St. Louis Federal Reserve Bank President James Bullard, a voting member of the Fed’s rate-setting committee, reportedly said the inflation data had made him more hawkish and he now wanted a full percentage point of interest rate hikes by July 1.
Among the key US indices, Dow Jones dropped 1.5 per cent. The S&P 500 index and Nasdaq Composite tumbled 1.8 per cent and 2.1 per cent, respectively.
Nearer home, major markets in Asia were mixed on Friday. Kospi and Taiwan were down 0.5 per cent each. Hang Seng was a wee bit in red, while Shanghai gained 0.2 per cent.
Meanwhile, oil prices remained steady in trades on Thursday. Brent crude was down 0.2 per cent at $91.41 a barrel, and WTI crude futures added 0.3 per cent to $89.88, a barrel.
Back home, Ashok Leyland, Divi’s Laboratories, India Cements, Jet Airways (India), Motherson Sumi Systems, NHPC, Oil India, ONGC will detail their quarterly numbers today and will likely be in focus. READ HERE.